MPLX LP Reports Third-Quarter 2023 Financial Results

FINDLAY, Ohio, Oct. 31, 2023

• Reported third-quarter net income attributable to MPLX of $918 million and generated net cash provided by operating activities of $1,244 million
• Adjusted EBITDA attributable to MPLX of $1,596 million and distributable cash flow of $1,373 million
• Returned $799 million in capital to unitholders through distributions
• Announced quarterly distribution increase of 10% to $0.85 per unit, or $3.40 per unit annualized

MPLX LP (NYSE: MPLX) today reported third-quarter 2023 net income attributable to MPLX of $918 million, compared with $1,428 million for the third quarter of 2022. Third-quarter 2022 net income included a $509 million non-cash gain from the reclassification of a third-party contract.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) attributable to MPLX was $1,596 million, compared with $1,471 million for the third quarter of 2022. Logistics and Storage (L&S) segment adjusted EBITDA for the third quarter of 2023 was $1,091 million, compared with $969 million for the third quarter of 2022. Gathering and Processing (G&P) segment adjusted EBITDA for the third quarter of 2023 was $505 million, compared with $502 million for the third quarter of 2022. 

During the quarter, MPLX generated $1,244 million in net cash provided by operating activities, $1,373 million of distributable cash flow, and adjusted free cash flow of $1,004 million. In the first nine months of the year, MPLX generated $3,908 million in net cash provided by operating activities, $3,956 million of distributable cash flow, and adjusted free cash flow of $3,171 million, compared to $3,651 million, $3,711 million, and $2,976 million, respectively, in the first nine months of 2022. During the quarter, MPLX returned $799 million to unitholders and announced a third-quarter 2023 distribution of $0.85 per common unit, resulting in a distribution coverage ratio of 1.6x for the quarter. The leverage ratio was 3.4x at the end of the quarter.

"Our business continues to grow and generate strong cash flow," said Michael J. Hennigan, MPLX chairman, president and chief executive officer. "We announced a 10% increase to our distribution, and through the first nine months of the year we have grown distributable cash flow over 6% compared to the same period in 2022."